Many businesses focus on the immediate issues and the need for daily operational decisions. Some businesses do not have nor make the time to spend on strategic planning for the business. This often can result in great short term operating results at the potential cost of long term longevity for the business.

3 best practices to consider for decision making
– make time for strategic planning (with outside help when needed)
– properly constituted family council for input from all stakeholders
– setting a strategic direction (consider navigational coaching)
– set it down in writing and communicate the vision

Seek input from stakeholders – the family, key management, employees, suppliers and customers. All important in setting a strategic direction.

SWOT analysis – what kind of animal are you=the family enterprise. As common a practice this can be, you should consider going through this methodology which can be illuminating when you spend the time at the process.

Facilitate = Best practices. Your business may need some outside help to ensure that you think creatively, freely and not bound by the current company status.

Setting a direction. Where are you and the company going, as opposed to how you will get there considering the above findings about the company. The where is often the greatest challenge as it is beyond the current vision of the company today.

Navigational coaching: An excellent tool. check your course periodically and redirect as needed to get the company to its identified goals.

This all can be challenging and certainly it does take time. The investment is worth the effort.

Learn, think, apply!!